Director for Investment of National Petrochemical Company (NPC) Hossein Alimorad said on Friday that Royal-Dutch Shell oil giant makes preparations for direct investment in Iran.

He expressed hope that signing the primary memorandum of understanding (MoU) between NPC and Shell has been focused on the half-finished project of producing natural gas products.

Alimorad said that following the western sanctions on Iran, Shell company stopped its activities in Iran, but, signing the primary MoU the ground is prepared for its reappearance in the Iranian market.

He underlined that Shell company had cooperation with Iran in processing GTL (Gas To Liquids) processing, stopped by the sanctions.

‘Now, NPC hopes that signing the MoU would serve to re-start the half-finished project and in a near future the Royal Dutch Shell will make direct investment in Iran.

Managing Director of NPC Marziyeh Shahdaei signed Memorandum of Understanding with President of Department for Iran Affairs in Royal Dutch Shell Hans Nijkamp on October 9, 2016 in presence of Deputy Petroleum Minister for International and Commercial Affairs Amir Hossein Zamaninia and Ambassador of the Netherlands in Iran Susanna Terstal and Deputy head of British Mission in Iran Ben Fender for cooperation in petrochemical industry.

Hans Nijkamp said that the Anglo-Dutch firm believes in carrying out joint venture projects with NPC in petrochemical industry.